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| RBI ban on cryptocurrency lifted by Supreme Court |
The Supreme Court on Wednesday removed the RBI's ban on cryptocurrency in an important decision. The use of cryptocurrency was banned by RBI. The Supreme Court said that this restriction is not appropriate.
The case in the Supreme Court was Internet and Mobile Association of India v. RBI. The matter was heard by a bench of Justices RF Nariman, Anirudh Bose and V Ramasubramanian.
In April last year, RBI issued a circular banning cryptocurrency transactions. This decision of RBI was challenged by many people besides the Internet and Mobile Association of India. Advocate Aseem Sood argued in the Supreme Court on behalf of IAMI.
Bitcoin is the most valuable cryptocurrency worldwide.
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ReplyDeleteIt good that this ban was lifted by supreme court. Any permanent ban on cryptocurrency would only reflect a lack of understanding of the positive impact of technologically powerful cryptocurrency can create on the Indian economy. The most important and interesting feature of a cryptocurrency is that it is not controlled by any central authority
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